According to a new report published by UnivDatos Markets Insights, The Electric Mobility Market was valued at USD 291.8 billion in 2022 & is expected to grow at a CAGR of 23.15 % from 2022-2030. The analysis has been segmented into Vehicle Type (Electric Two-Wheeler, Electric Three-Wheeler, Electric Four-Wheeler and Others); and Battery Type (Lithium-Ion, Lead Acid, Nickel Metal Hydride, And Others); Power Train (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Vehicle (PHEV), And Fuel Cell Electric Vehicle (FCEV) and Charging Type (low-power AC (Level 1), mid-high power AC (Level 2), and DC fast charging (DCFC)); and Region/Country
The electric mobility market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the electric mobility market. The electric mobility market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the electric mobility market at the global and regional levels.
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Key Market Dynamics
Advancements in battery technology have been a key driver of the electric mobility market, as they have made electric vehicles (EVs) more practical and affordable for consumers. Advancements in battery technology have led to an increase in the driving range of EVs. The first EVs, which were introduced several decades ago, had a limited driving range of around 50-100 miles on a single charge. However, with the development of new battery technologies, the driving range of EVs has increased significantly. Today, many EVs can travel up travelling or more on a single charge, making them suitable for longer trips. This has increased the appeal of EVs to consumers who previously may have been deterred by the limited range of earlier models. Advancements in battery technology have also led to improvements in battery performance, including faster charging times and longer battery life. Early EV batteries took hours to charge and had a limited lifespan, but newer batteries can be charged much faster and have a longer lifespan. For example, some newer EV batteries can be charged to 80% capacity in as little as 30 minutes, and they can last for up to 150,000 miles or more with proper maintenance. These improvements in battery performance have made EVs more convenient and reliable for consumers. Further, Advancements in battery technology have also led to a reduction in the cost of batteries, making EVs more affordable for consumers. The cost of batteries has decreased significantly in recent years due to advancements in manufacturing techniques and the scale of production. This has helped to reduce the overall cost of EVs, making them more affordable for consumers who may have been deterred by the higher upfront cost of earlier models.
Overall, advancements in battery technology have played a crucial role in the growth of the electric mobility market by making EVs more practical, affordable, and convenient for consumers. As battery technology continues to improve, it is expected to drive further growth and adoption of EVs in the coming years.
COVID-19 Impact
In conclusion, the COVID-19 pandemic has had a mixed impact on the electric mobility market. While there has been an increase in demand for electric vehicles and an acceleration in investment in the industry, there have also been supply chain disruptions and a reduction in consumer confidence. However, the long-term trend towards electric vehicles is expected to continue, as consumers seek more sustainable and environmentally friendly transportation options.
The global electric mobility market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on vehicle type, the market is segmented into electric two-wheeler, electric three-wheeler, electric four-wheeler and others. Amongst these, the electric four-wheeler segment dominated the market in 2022.
· By battery type, the market is segmented into lithium-ion, lead acid, nickel metal hydride, and others. Among these, the lithium-ion segment captured the majority share of the electric mobility market in 2022.
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Electric Mobility Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, Netherlands, France, Norway, Switzerland, Denmark, Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
· Rest of the World
Asia Pacific dominated the electric mobility market in 2022 due to countries like China, Japan and South Korea being amongst the biggest consumers of electric vehicles with China being the biggest frontrunner accounting for 60% of global electric cars sales. More than half of electric car running are in China and the country has already exceeded its target of 2025. These countries have established automotive manufacturing industries like BYD Company Ltd., SAIC Motor Corporation Limited etc which include advanced technological capabilities and production capabilities allowing them to produce the most competitive electric vehicles. Asia Pacific has many countries which have invested substantially in charging infrastructure making them attractive options.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the electric mobility market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· In May 2023, Tesla has recently hired a battery manufacturing expert to lead its dry electrode department, which is a critical aspect of the company's 4680 battery cell production. Tesla has identified this as one of the main bottlenecks in the production of its 4680-battery cell.
· In 2021, BMW announced plans to invest €10 billion in the development of electric and autonomous vehicles over the next five years. The company also announced that it will launch 25 new electric models by 2025, with the aim of producing only electric vehicles by 2030.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the electric mobility market?
• Which factors are influencing the electric mobility market over the forecast period?
• What are the global challenges, threats, and risks in the electric mobility market?
• Which factors are propelling and restraining the electric mobility market?
• What are the demanding global regions of the electric mobility market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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